In selecting an accounting method for a newly contracted long term construction project, under private entity GAAPthe principal factor to be considered should be Group of answer choices the terms of payment in the contract the method commonly used by the contractor to account for other long term construction contracts the inherent nature of the contractor's technical facilities used in construction the degree to which a reliable estimate of the costs to complete and extent of progress toward completion is practicable

Question: In selecting an accounting method for a newly contracted long-term construction project, under private entity GAAPthe principal factor to be considered should be Group of

In selecting an accounting method for a newly contracted long-term construction project, under private entity GAAPthe principal factor to be considered should be

Group of answer choices

the terms of payment in the contract.
the method commonly used by the contractor to account for other long-term construction contracts.
the inherent nature of the contractor's technical facilities used in construction.
the degree to which a reliable estimate of the costs to complete and extent of progress toward completion is practicable.

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In selecting an accounting method for a newly contracted long - term construction project